Bitcoin Price Prediction: MicroStrategy Unveils BTC Buying Plan As Santa Claus Rally Hopes Fade, While This Best Crypto Wallet Token ICO Blasts Past $5.5M

The Bitcoin price plunged 1% in the last 24 hours to trade at $93,385 as of 02:22 a.m. EST on trading volume that surged 21% to $56.7 billion.

The BTC price fell to its lowest since November, dampening hopes of a “Santa Claus rally,” which has historically resulted in solid gains.

This comes as MicroStrategy unveils the 21/21 plan, which aims at raising $21 billion through equity financing and another $21 billion through bond issuance over three years.

According to Michael Saylor, the funds will be used to buy more Bitcoin as a way of showcasing the company’s commitment to the king of cryptos.

Bitcoin Price On A Correction – Bullish Trend Reversal Possible?

The Bitcoin price chart on the daily timeframe shows a strong bullish trend that recently entered a period of consolidation. The price of Bitcoin has been trending upwards since breaking above the 200-day Simple Moving Average (SMA) in mid-October at $63,602, which marked a reversal from bearish to bullish sentiment, according to GeckoTerminal data.

Currently, the BTC price is trading within an ascending channel (marked in orange), indicating a gradual but sustained bullish movement. However, the recent pullback toward the lower boundary of the channel at $93,000 suggests some short-term weakness or profit-taking.

The 50-day SMA (white line) at $93,742 is providing immediate resistance, while the 200-day SMA remains a strong support at $70,490.

The Relative Strength Index (RSI) currently sits at 41.96, indicating weakening momentum. The value has dropped from previously bullish levels and is now approaching oversold territory. This could signal a potential bounce if buyers step in near support levels.

If the ascending channel remains intact, the BTC price could rebound from the current support levels around $93,000–$94,000, targeting the upper boundary of the channel near $100,000–$105,000 in the coming weeks.

BTCUSD Chart Analysis Source: GeckoTerminal
Bitcoin Price Chart Analysis Source: GeckoTerminal

However, if the price of Bitcoin continues to drop below the 50-day SMA, it could test the 200-day SMA at $70,490, which serves as a critical support level. A failure to hold this level would indicate a bearish reversal.

Meanwhile, investors are rushing into the Best Wallet ($BEST) presale, which has already raised over $5.5 million. Crypto Gains, a YouTuber with more than 141K subscribers, says $BEST can easily 10X.

Best Wallet Presale Blasts Past $5.5 Million

If you’re seeking a comprehensive cryptocurrency platform for buying, selling, trading, swapping, and storing your digital assets, the Best Wallet (BEST) app could be an excellent choice.

A direct competitor with popular wallets like Trust Wallet and MetaMask, Best Wallet is rapidly gaining attention and may even surpass these established names in Features and functionality.

One of its most popular Features is its “Upcoming Tokens” section. This flags to users the most promising new cryptocurrency presales, enabling traders to read whitepapers, buy the tokens, and then track updates. It already has a stellar track record. 

In addition, the wallet enables users to stake their BEST tokens for a huge 409% annual return.

With over 100,000 monthly users and strong security, Best Wallet continues to grow its credibility. 

The $BEST token presale has already raised $5.5 million, showcasing the immense demand for the platform.

You can get into the project early by buying $BEST Token today for just $0.023325. Interested investors should secure tokens before the next price increase in slightly less than 1 day.

Visit Best Token.

Related News

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  • Reploy Price Skyrockets 1639% And This Might Be The Next Crypto to Explode
  • Hyperliquid Price Prediction Traders Shift Focus To This Crypto Wallet Token 

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